OnMobile Global rose 3.58% at Rs 75.20 at 11:33 IST on BSE after the company's board of directors approved buyback of shares.
The announcement was made after market hours on Friday, 12 December 2014.
Meanwhile, the BSE Sensex was down 63.15 points, or 0.23%, to 27,287.53
On BSE, so far 5.18 lakh shares were traded in the counter, compared with an average volume of 5.98 lakh shares in the past one quarter.
The stock hit a high of Rs 75.95 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 73.60 so far during the day. The stock hit a 52-week low of Rs 25.85 on 30 January 2014.
The stock had outperformed the market over the past one month till 12 December 2014, rising 42.21% compared with 2.35% fall in the Sensex. The scrip had, also outperformed the market in past one quarter, surging 125.12% as against Sensex's 1.07% rise.
The small-cap company has an equity capital of Rs 114.25 crore. Face value per share is Rs 10.
OnMobile Global at its board meeting held on 11 December 2014 approved buyback of shares at a price not exceeding Rs 86 per share for an aggregate amount not exceeding Rs 49 crore. The maximum buyback price of Rs 86 is 14.36% premium to the ruling market price. The board has further resolved that the buy-back period shall in any case close within six months from date of opening of the offer. The buyback shall be from the open market through stock exchange methodology. The stock had gained 5% to settle at Rs 72.60 on Friday, 12 December 2014.
On a consolidated basis, OnMobile Global reported net loss of Rs 1.21 crore in Q2 September 2014 as against net profit of Rs 1.52 crore in Q2 September 2013. Net sales declined 7.8% to Rs 207.45 crore in Q2 September 2014 over Q2 September 2013.
OnMobile Global is headquartered in Bangalore with services in 59 countries on 5 continents. It is a global leader in the delivery of high quality mobile services.
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